ECN 211 EXAM QUESTIONS AND ANSWERS PASS GUARANTEED LATEST UPDATE
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Course
ECN 211
Institution
ECN 211
ECN 211 EXAM QUESTIONS AND ANSWERS PASS GUARANTEED LATEST UPDATE
If the price of milk rises, other things being constant
A. buyer will drink less milk
B. buyer will substitute milk for other beverages
C. the demand for milk will fall
D. the demand for cola drink will fall - Answer- A. buyer...
ECN 211 EXAM QUESTIONS AND
ANSWERS PASS GUARANTEED
LATEST UPDATE
If the price of milk rises, other things being constant
A. buyer will drink less milk
B. buyer will substitute milk for other beverages
C. the demand for milk will fall
D. the demand for cola drink will fall - Answer- A. buyer will drink less milk and C. the
demand for milk will fall
Which one of the following will not occur if the price of widescreen digital television falls,
other thing being constant
A. the demand for digital cable service will increase
B. people will substitute widescreen digital television for standard television
C. the demand for standard television rise
D. the quality of widescreen digital television demanded will increase - Answer- C. the
demand for standard television rise
If the price of good A rises and the demand for good B rises, then A and B are
A. substitute
B. complements
C.not related goods
D.not scarce goods - Answer- A. substitute
Consider a city that establishes a law prohibiting the use of lawn sprinklers and limited
showers to 4 minutes. Which one of the following statements is probably true in this city
A. A surplus of water exists
B. the price of water is too high
C. a shortage of water exist regardless of how high its price got
D. the price of water is below the equilibrium price - Answer- D. the price of water is
below the equilibrium price
If the supply of gasoline rises, with a given demand then
A. the relative price of gasoline will rise
, B. the equilibrium price of gasoline will rise
C. the equilibrium quality of gasoline will increase
D. the equilibrium price and equilibrium quantity of gasoline will increase - Answer- C.
the equilibrium quality of gasoline will increase
If the demand for satellite internet access services increase, with a given supply, then
A. the supply of satellite internet access services will rise because price rises
B. the equilibrium price of satellite internet access services will fall, and the equilibrium
quantity will rise
C. the equilibrium quantity and the equilibrium price of satellite internet access services
will rise
D. the quantity supplied of satellite internet access services will decrease - Answer- C.
the equilibrium quantity and the equilibrium price of satellite internet access services will
rise
If a shortage exists at some price, then
A. sellers can sell all they desire to sell at that price
B. sellers have an incentive to raise the price
C. buyers cannot get all they want at that price
D. all of the above - Answer- D. all of the above
Which one of the following will lead to a rise in supply
A. an increase in the price of the good in question
B. a technological improvement in the production of the good in question
C. an increase in the price of labor used to produce the good in question
D. all the above - Answer- B. a technological improvement in the production of the good
in question
Which one of the following probably will not lead to a fall in the demand for hamburgers
A. a decrease in income, if hamburgers are a normal good
B. an expectation that the price of hamburgers will rise in the future
C. a decrease in the price of hot dogs
D.a change in tastes away from hamburgers - Answer- B. an expectation that the price
of hamburgers will rise in the future
When a demand curve is derived
A. quantity is in constant-quality unit
B. the price of the goods is held constant
C. money income changes
D. consumer tastes change - Answer- A. quantity is in constant-quality unit
If a surplus exist at some price, then
A. sellers have an incentive to raise the price
B. buyers have an incentive to offer a higher price
C. sellers cannot sell all they wish to at that price
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